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The financial services, products or investments referred to on this website are not available to persons resident in jurisdictions where their availability or distribution would contravene local laws or regulations and the information on this website is not intended for use by these persons. This website is for information only and does not in any way constitute a solicitation or offer by Nedgroup Investments Proprietary Limited, Nedgroup Investments (IOM) Limited or any of their associates or subsidiaries (collectively “Nedgroup Investments”) to buy or sell any financial products or to provide any investment advice or service.

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Cookie Policy

This policy describes the type of information collected by cookies used on the Nedgroup Investments public website (www.nedgroupinvestments.com) ‘the website’ and what that data is being used for. By continuing to browse the website you are agreeing to use our cookies.

What about cookies?
A cookie is a small data file that is essential for the proper functioning of the website. Cookies do not retrieve information about you stored on your hard drive, or corrupt or damage your computer or computer files.

How do we use cookies on this website?
The cookie settings on the website are set to “allow all cookies” to give you the best user experience. When you visit the website cookies will be transferred to your computer's hard drive through your browser. These cookies are completely safe and secure and will never contain any sensitive information.

We use the following cookies:

Session cookies (or ‘strictly necessary’ cookies) are automatically generated and we do not have control over it.These cookies are needed to make the website service work and include, for example, cookies that enable you to log into secure areas of the website.

Analytical cookies. They allow us to recognise and count the number of website users and to see how visitors are using the website. This helps us to improve the way the website works, for example, by ensuring that users are finding what they are looking for easily.

We use Google Analytics and Adobe Analytics to monitor website usage. Data collected via Adobe Analytics are used to generate internal reports. These reports are for internal purposes only and are not shared with external parties.

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Demographic cookies are also used to generate internal reports to better understand user behavior. These reports are for internal purposes only and are not shared with external parties. Examples of demographic data cookies include isoCode, urrentCity and Preflocation.

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Privacy Policy

The website is shared by Nedgroup Investments Proprietary Limited and Nedgroup Investments (IOM) Limited (collectively “Nedgroup Investments”) and is administered from South Africa by Nedgroup Investments Proprietary Limited.

Nedgroup Investments Proprietary Limited are considered to be the data controller of information generated by the website except in the instances where you register and use Nedgroup Investments (IOM) Limited’s secure portal or submit enquiries to them via the website. In these cases only, Nedgroup Investments (IOM) Limited will be the controller of your data.

This policy provides you with information about why and how we use your data, and about the rights you have over your data.

If you have any questions about this policy or do not agree with it, please contact us before using the website.

By using any part of the website or providing personal information to Nedgroup Investments you acknowledge the processing of your personal information as set out in this policy.

General principles
Nedgroup Investments is committed to keeping your information private. By 'your information' we mean any information about you that you or third parties provide to us. This policy relates to the privacy of your information at the website.

When you use our website
When you use our website a number of cookies are used by us to allow the website to function, to collect useful information about visitors and to help to make your user experience better.

Some of the cookies we use are strictly necessary for our website to function, and we don’t ask for your consent to place these on your computer.

However, for those cookies that are useful but not strictly necessary we will always ask for your consent before placing them.

For more information about our use of cookies, please see our cookie policy.

In general, you can use the website without giving us any information. Any domain name information that we collect is not used to personally identify you but is instead aggregated to measure the number of visits, average time spent on the website and pages viewed. We use this information to measure the use of our website and to improve its contents.

When you submit an enquiry via our website
When you submit an enquiry via the ‘Contact Us’ sections of our website, you supply us with your name, your email address and the detail of your enquiry.

We use this information to respond to your query, which includes providing you with any requested information about our products. We may also email you several times after your enquiry in order to follow up on your interest and ensure that we have answered it to your satisfaction.

Your enquiry is processed via your chosen office being the Isle of Man (International), Cape Town, Durban or Johannesburg and they will be retained in the same location.

We do not use the information you provide to make any automated decisions.

When you subscribe to our newsletter
Where you have subscribed to our newsletter for quarterly updates on the investment industry, we will use this information only for the intended purpose. We will not use it for additional marketing purposes, nor will we share it with any other third parties.

You may unsubscribe from this newsletter at any point online or by contacting our Cape Town office who are responsible for its administration.

When completing our online forms
When completing any online forms, we will tell you how your information will be used in relation to the product or service you’re applying for, within the form and in any associated terms and conditions.

Where you provide information about others (for example, for joint accounts or if you are ‘recommending a friend’) you must ensure that you have their authorisation or are otherwise entitled to provide this information to us.

Security
We will ensure we have appropriate physical and technological security measures to protect your information regardless of where it is held.

We will ensure that when we outsource any processes, the supplier has appropriate security measures in place and will contractually require them to comply with these privacy principles.

We will ensure that suitable safeguards are in place before personal information is transferred to other countries.

Retention
We will only retain your information for as long as we need it, given the purpose for which it was collected, or as required by law and any other statutory obligations, including anti-money laundering, counter-terrorism, tax legislation. Your information may be retained for a maximum of 6 years from the end of our relationship; however some of it will be retained for less than this. We will take all reasonable steps to destroy or erase the data from its systems when it is no longer required.

Your right to complain
If you have a complaint about our use of your information, we would prefer you to contact us directly in the first instance so that we can address your complaint.

Updates to this privacy policy
We regularly review and, if appropriate, update this privacy policy from time to time, and as our services and use of personal data evolves. If we want to make use of your personal data in a way that we haven’t previously identified, we will contact you to provide information about this and, if necessary, to ask for your consent.

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Last chance to maximise your tax advantages

By Denver Keswell

It’s around this time every year that those who would like to reduce their tax liability to the South African Revenue Service (SARS) as well as save towards their retirement, start doing calculations and chatting to their financial planners.

National Treasury has done well over the years to encourage South Africans to save by introducing new tax incentives on various products. Contributions towards retirement annuities (RAs) and pension funds can be used (up to a certain limit) to reduce your tax liability to SARS. Moreover, proposed tax changes as well as the introduction of the tax-free investments bring even more incentives to ‘top-up’ your contributions towards your retirement fund and tax-free investments.

Towards the end of every tax year, RA members are reminded to reduce their tax liabilities by maximising their RA contributions to ensure that they use the full tax contribution deduction that they are entitled to. Previously, one was entitled to deduct up to 15% of their net non-retirement funded income from their taxable income.

The beginning of the 2016/2017 tax year brought a new way of calculating your contribution tax deduction. As of 1 March 2016 the new tax deduction is 27.5% of the higher of taxable income or remuneration of any RA, provident and pension fund contribution. While the new tax deduction calculation resulted in an increase for the majority of South Africans, as of 1 March 2016 the tax deduction that one is now entitled too is capped at R350 000. This only effects those RA members who contribute more than R350 000 per tax year (or R29 167. 66 per month) and earn more than R1 270 000).

In essence it means that a business person who earns R1 000 000 a year and is not a member of a pension fund or provident fund can reduce their taxable income by up to R275 000 by contributing towards an RA. Assuming a tax rate of 41%, that is a tax rebate of R112 750 at the end of the tax year. R112 750 that would otherwise be sitting with SARS can now be used to pay for your annual car payments or groceries or any other expenses you may have. It is for this reason that many RA members start ‘topping up’ their RA contributions. All contributions you want to make for the current tax year must be done by the 29 February 2017, as any contributions thereafter will be subject to the 2017/2018 tax year.

In 2015, Treasury also introduced tax-free investments which allowed an investor to contribute up to a maximum of R30 000 to an investment where the returns are not subject to tax. The contribution limit applies to each tax year and on 29 February 2017; it will be your last opportunity to get your maximum contribution in for the 2016/2017 tax year.

Treasury has provided South Africans with various tax incentives in an effort to encourage saving. And, with the help of a financial planner, it is important to understand these incentives and use them in a way that is tax-efficient and puts you in a position to ultimately save well.

Article highlights

Contributions towards retirement annuities (RAs) and pension funds can be used (up to a certain limit) to reduce your tax liability to SARS

As of 1 March 2016 the new tax deduction is 27.5% of the higher of taxable income or remuneration of any RA, provident and pension fund contribution